The 30-share Sensex touched an intraday high of 8,793.21, before closing the day at 8,756.61, up 412.86 points or 4.95 pc. The 50-share NSE Nifty gained 101.80 points or 3.89 pc, to settle at 2,719.25, after hitting a high of 2726.15.
While BSE Sensex ended above 8,700 level, BSE Nifty closed above the 2,700 mark. Banking & financial, technology, metal, oil & gas and capital goods stocks led this rally followed by auto, realty and FMCG stocks.
The major contributors for the northward rally are Reliance Industries, Infosys, ICICI Bank, HDFC, L&T, HDFC Bank, SBI, ONGC, TCS, Tata Power, Bharti Airtel and Reliance Communication.
NSE Nifty tests 2,700; Realty leads
Positive stocks lead NSE's Nifty to test 2,700 mark. At 2:11 pm, the Sensex was trading at 8,692, up 349 points and the Nifty was at 2,701, up 83 points.
It is realty stocks which are ruling the market, which over powered other stocks and went up to 6 per cent as DLF, HDIL and Unitech shot up 5-7 per cent.
ICICI Bank spurted up 8.14 pc. Axis Bank, PNB, SBI, HDFC and HDFC Bank were up 4-6.7 pc in the banking and financial space. BSE Bankex was up over 5 pc. Oil & Gas Index surged 3.6 pc, as Cairn India, Reliance Industries, Reliance Petroleum and ONGC gained 2.3-4.9 pc.
Otherthan banking, oil & gas and realty, technology sector is also helping the markets. TCS, Infosys and Wipro were up 4.4-5 per cent, BSE IT Index was up 4.8 pc.
Markets in green, banking surge
Though stocks like ABB, BPCL, and NTPC is under pressure, markets are still trading in green. At 10.50 am, the Sensex was trading at 8,581, up 238 points and the Nifty was at 2,677, up 60 points.
The Nifty March futures were trading with 7-10 points discount. Realty, banking, technology, oil & gas exploration, telecom, metal and auto company stocks are seeing buying interest. Following the same momentum, Midcap and small cap indices went up 1.4 pc and helped the market breathe.
Banking spree is continuing in the banking space, leading the BSE Bankex surge nearly 4 pc. ICICI Bank jumped 6 pc and PNB up 5 pc. Among others, Bank of Baroda, Kotak Mahindra, Axis Bank, IndusInd Bank, Andhra Bank, Union Bank, IDBI Bank, Oriental Bank, SBI, HDFC Bank, Bank of India and IOB gained 2-4 pc.
Markets open higher on +ve global cues
Taking cues from the global markets, Indian stock markets opened sharply higher. At 9:56 am, the Sensex was trading at 8,565, up 222 points and the Nifty was trading at 2,675, up 58 points. CNX Midcap 100 shot up 51 points to 3,017.
Heavy buying was seen in auto, banking & financial, metal and telecom stocks, which has helped the Nifty to test 2650. Stocks like Reliance Communication, ICICI Bank, Tata Motors, PNB, Reliance Capital, Infosys, M&M, Reliance Industries, Bharti Airtel, HDFC, Sterlite, Reliance Petroleum, Tata Steel, HDFC Bank, SBI and Suzlon saw a sharp upward surge in the opening trade.